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REGISTERED NUMBER: 04569635 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

SOUTHERN FLEXIBLE TUBES LIMITED

SOUTHERN FLEXIBLE TUBES LIMITED (REGISTERED NUMBER: 04569635)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOUTHERN FLEXIBLE TUBES LIMITED

COMPANY INFORMATION
for the year ended 31 October 2023







DIRECTORS: M A Canini
D C Canini





REGISTERED OFFICE: The Old Coach House
Cackle Street
Brede
East Sussex
TN31 6DY





REGISTERED NUMBER: 04569635 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

SOUTHERN FLEXIBLE TUBES LIMITED (REGISTERED NUMBER: 04569635)

BALANCE SHEET
31 October 2023

31.10.23 31.10.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 67,782 31,870
Investment property 5 693,659 295,000
761,441 326,870

CURRENT ASSETS
Stocks 6 25,000 138,000
Debtors 7 1,429,016 107,646
Cash at bank 572,901 100
2,026,917 245,746
CREDITORS
Amounts falling due within one year 8 (1,020,359 ) (304,213 )
NET CURRENT ASSETS/(LIABILITIES) 1,006,558 (58,467 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,767,999

268,403

CREDITORS
Amounts falling due after more than one
year

9

(24,112

)

(33,689

)

PROVISIONS FOR LIABILITIES 10 (27,982 ) (18,845 )
NET ASSETS 1,715,905 215,869

CAPITAL AND RESERVES
Called up share capital 11 2 2
Non-distributable reserves 34,135 34,135
Retained earnings 1,681,768 181,732
SHAREHOLDERS' FUNDS 1,715,905 215,869

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SOUTHERN FLEXIBLE TUBES LIMITED (REGISTERED NUMBER: 04569635)

BALANCE SHEET - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2024 and were signed on its behalf by:





M A Canini - Director


SOUTHERN FLEXIBLE TUBES LIMITED (REGISTERED NUMBER: 04569635)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2023

1. STATUTORY INFORMATION

Southern Flexible Tubes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts.

Revenue is recognised as contract activity progresses. Revenue not billed is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold property- 10% on cost
Plant & machinery- 25% reducing balance
Fixtures & fittings- 25% reducing balance
Motor vehicles- 25% reducing balance
Computer equipment- 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks of precision and mechanical parts, and work in progress, are valued at the lower of cost and estimated selling price, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.


SOUTHERN FLEXIBLE TUBES LIMITED (REGISTERED NUMBER: 04569635)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of profit and loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Impairment policy
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Government assistance
Included in bank loans is a bounce back loan which is guaranteed by the government. As part of the bounce back loan scheme the government paid the first year of interest on the loan.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

SOUTHERN FLEXIBLE TUBES LIMITED (REGISTERED NUMBER: 04569635)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 November 2022 10,000 210,419 4,442
Additions - 50,881 140
At 31 October 2023 10,000 261,300 4,582
DEPRECIATION
At 1 November 2022 3,252 194,132 4,092
Charge for year 1,000 16,792 122
At 31 October 2023 4,252 210,924 4,214
NET BOOK VALUE
At 31 October 2023 5,748 50,376 368
At 31 October 2022 6,748 16,287 350

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2022 24,683 8,163 257,707
Additions - 7,481 58,502
At 31 October 2023 24,683 15,644 316,209
DEPRECIATION
At 1 November 2022 16,521 7,840 225,837
Charge for year 2,040 2,636 22,590
At 31 October 2023 18,561 10,476 248,427
NET BOOK VALUE
At 31 October 2023 6,122 5,168 67,782
At 31 October 2022 8,162 323 31,870

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 295,000
Additions 398,659
At 31 October 2023 693,659
NET BOOK VALUE
At 31 October 2023 693,659
At 31 October 2022 295,000

SOUTHERN FLEXIBLE TUBES LIMITED (REGISTERED NUMBER: 04569635)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

5. INVESTMENT PROPERTY - continued

The investment property was valued at 31 October 2023 by the directors of the company on an open market basis.

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2020 513
Valuation in 2021 14,000
Valuation in 2022 31,000
Cost 648,146
693,659

6. STOCKS
31.10.23 31.10.22
£    £   
Raw materials 25,000 32,000
Work-in-progress - 106,000
25,000 138,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 659,088 91,536
Other debtors 769,928 16,110
1,429,016 107,646

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 9,906 18,684
Trade creditors 36,766 37,242
Taxation and social security 621,795 14,558
Other creditors 351,892 233,729
1,020,359 304,213

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 24,112 33,689

10. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax 27,982 18,845

SOUTHERN FLEXIBLE TUBES LIMITED (REGISTERED NUMBER: 04569635)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 November 2022 18,845
Accelerated capital allowances 9,137
Investment property valuation
Balance at 31 October 2023 27,982

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
2 Ordinary £1 2 2